Business
Port of Colombo terminal operators say they are completely insulated from national crisis
‘We are not who the foreign media says we are’
By Sanath Nanayakkare
Sri Lanka Ports Authority (SLPA), South Asia Gateway Terminals (SAGT), Colombo International Container Terminal (CICT), Jaya Container Terminal (JCT) and Ceylon Association of Shipping Agents (CASA) categorically said on Tuesday that negative news reports about the Port of Colombo are increasingly published in the regional countries, which are false and intended to mislead their customers.
Chairman of Sri Lanka Ports Authority Dr. Prasantha Jayamanna said,” In the last couple of months there has been lot of inaccurate, exaggerated reporting about the Port of Colombo continually circulating on web-based media platforms operating from regional countries that cater to the international maritime community. Apparently this is being done by vested interests that find it hard to match with the seamless connectivity and efficiency the Port of Colombo delivers to its customers. Obviously these parties are trying to take undue advantage from certain unfortunate events that took place in the country recently and undermine the versatility of the Port of Colombo as a transshipment hub in the region.
“Their intention is clear because when we request them to publish clarifications to put the record straight, they shirk that responsibility. The long standing relationship with our customers is time-tested and mutually beneficial. However, these particular articles in the foreign media need to be countered with true facts and figures or otherwise this covert operation could damage the reputation of the Port. I want to emphasize the fact that the Port is not impacted by what’s happening beyond the port. We have developed strategies and mechanisms to optimally operate the three terminals in the face of any possible disruptions stemming from fuel supplies or workforce turnout. Port of Colombo has a buffer stock of fuel and most effective shift patterns in place to ensure smooth operations,” he said.
CEO of South Asia Gateway Terminals Romesh David said,” We have seen a rise in negative publicity about the activities of the Port of Colombo in foreign media. They have picked out a couple of incidents that stemmed from the political and economic instability in the country and have attempted to negatively portray the operations at the Port of Colombo.”
“In April 2022, there were several issues in inter-terminal transfers resulting in delays due to Inter Terminal Trucking (ITT) not happening on time. Those delays were not due to fuel shortages. Fuel was issued to all three terminals for their ITT needs as we are primary customers of Ceylon Petroleum Corporation and Lanka IOC. On 9th and 10th of May, due to a lapse in communication, unfortunately work at the Port was hindered for over a day in spite of a clear understanding among all stakeholders that there was nothing to be gained from paralyzing the Port. At that point, even some supposedly responsible new organizations picked out those pieces of news and kept alluding them to issues at the Port. We are confident that the renewed consensus on the value of uninterrupted work which now prevails among all stakeholders will sustain smooth operations at the Port of Colombo.”
“85% of the volume that we handle in the Port is business that has nothing to do with Sri Lanka. It comes here on one ship and goes out on another. That is the primary function of the Port in addition to handling exports and now-restricted imports to the country. Since late 1990s, at every point in time, port operations have been completely insulated from the issues that the country at large undergoes. In 1999, SAGT came into being at the height of the war with a USD 250 million investment. Then in 2008, CICT came in during the global financial crisis with a USD 600 million investment. That was all because of the value the port of Colombo provides to the global shipping lines.”
“So the concern is this kind of negative publicity the Port gets in tandem with the problems the country faces could become ‘self-fulfilling prophesy’ if everybody keeps talking that there is a problem in the Port of Colombo when there is no such problem in the port . Our main customers could also get unnerved by it. Let me say on behalf of all three terminal operators and SLPA that we have sufficient fuel stocks and the Ceylon Electricity Board has given us their assurance to provide us with uninterrupted power generated by fossil fuel and coal. We are also looking at other contingency plans to mitigate any possible risks beyond the six-month horizon. If the need should arise, we as terminal operators are well-positioned to import our own requirement of oil to generate power. We are speaking as a unified team today because we want to send out a clear message to the international maritime community and the foreign media that the Port of Colombo continues to deliver high levels of reliability of service.”
Chairperson of Ceylon Association of Shipping Agents (CASA) Ms. Shehara de Silva said,” We are essentially the customers of the Port of Colombo and all ports in Sri Lanka .We have 132 members and we represent all the shipping lines that call at the Port of Colombo. All our principles are confident about the operations continuing in the Port of Colombo and we are thankful to the SLPA, CICT, SAGT and JCT for continuously handling all the operations effectively during this strenuous period.
“The negative press around the region is caused by a lot of ‘competing ports’. There are other ports that compete for the business of these shipping lines. Shipping lines prefer to use Colombo as a transshipment hub because there are so many facilities Colombo offers them. Even though there may be more advanced ports in the region, they still prefer to use Colombo. So we need to maintain that confidence of the shipping lines in the Port of Colombo and not leave any room for doubt that the crisis will affect operations. When you look at the volumes; exports are 4% more than last year and imports are less in line with government policy. And transshipment volumes are the same as last year. There have been some media reports that month of May witnessed a drop in volumes and in the number of vessels.
“But you have to understand and take that in context. There is seasonality in all areas. If you look at some of other ports that have suffered because of Covid, the condition in Port of Colombo is desirable. The information publicized by foreign media is completely unsubstantiated. As a customer, we give our testament that we are extremely happy with our working relationship with the Port of Colombo. Occasionally there may be operational issues which are not related to the crisis. We are in continuous dialogue with the three terminals to improve efficiency, digitalization and various other aspects. But those have nothing to do with the crisis of country.”
Last but not least, CEO of Colombo International Container Terminal (CICT) Jack Huang, said,” Port of Colombo is an international maritime hub in this region and everybody has a responsibility to cherish the Port of Colombo and help it grow because it is vital not only for Sri Lanka but also very critical for this region as well.”
Pics by Nishan S. Priyantha
Business
Global regulators convene in Colombo for key IOSCO enforcement and cooperation discussions
The Securities and Exchange Commission of Sri Lanka (SEC) successfully hosted a series of high-level meetings of the International Organization of Securities Commissions (IOSCO), bringing together leading securities regulators and enforcement officials from around the world to discuss emerging regulatory challenges, strengthen international cooperation, and enhance collective efforts to combat cross-border securities market misconduct.
The meetings, held at the Hilton Colombo from 13 to 16 October 2026, included sessions of the IOSCO Enforcement and Cooperation Committee and its Screening Group (Committee 4/SG), as well as meetings of the Monitoring Group and the Steering Committee. The event attracted approximately 50 senior representatives from securities regulators and exchanges across several jurisdictions, including Australia, Japan, the United States, the United Kingdom, France, Italy, Canada, New Zealand, India, Germany, Belgium, Singapore, China and Spain, reflecting the global significance of the discussions and the growing importance of international regulatory collaboration.
Welcoming delegates to Sri Lanka, Senior Professor D.B.P.H. Dissabandara, Chairman of the SEC, emphasized the critical role of international cooperation in safeguarding market integrity and investor confidence in an increasingly interconnected financial landscape.
“No regulator can effectively address cross-border misconduct in isolation. The speed with which information, transactions and illicit activities can move across borders requires an equally coordinated and timely regulatory response. Strong international cooperation, effective information sharing and mutual trust among regulators are essential to maintaining fair, transparent and resilient capital markets,” he stated.
The discussions focused on a range of enforcement and cooperation matters, including mechanisms for enhancing cross-border information exchange, strengthening investigative collaboration among regulators, addressing increasingly sophisticated forms of securities fraud and market abuse, and promoting the effective implementation of international standards and best practices. Participants also exchanged experiences and insights on emerging enforcement challenges arising from technological developments, digitalization of financial services, and increasingly interconnected global markets.
IOSCO is recognized as the leading international body that brings together the world’s securities regulators and serves as the global standard setter for securities regulation. Through its policy work and cooperative initiatives, IOSCO plays a central role in promoting investor protection, ensuring that markets are fair, efficient and transparent, reducing systemic risk, and strengthening confidence in capital markets worldwide.
Sri Lanka has maintained a strong and active relationship with IOSCO for more than three decades. The SEC became an Ordinary Member of IOSCO in 1993 and has been a signatory to the IOSCO Multilateral Memorandum of Understanding (MMoU) since 2004. The MMoU is the internationally recognised benchmark for cooperation and information sharing among securities regulators and serves as a critical tool in facilitating cross-border investigations and enforcement actions.
Business
Pan Asia Bank partners Ideal Motors to offer leasing solutions
Pan Asia Bank recently entered into a one-year Memorandum of Understanding (MOU) with Ideal Motors (Pvt) Ltd, creating a new financing avenue for customers purchasing vehicles from the authorised Mahindra dealer. The strategic partnership will enable customers of Ideal Motors to access leasing facilities from Pan Asia Bank, making vehicle financing more convenient while supporting their mobility and business requirements. The agreement also provides an opportunity for the Bank to expand its leasing portfolio and strengthen its presence in Sri Lanka’s vehicle financing market.
Ideal Motors is the authorised dealer for the Mahindra vehicle range in Sri Lanka, including the Mahindra Bolero CPU Truck and Scorpio Jeep/Pickup. The vehicles cater to a range of requirements, from commercial and business applications to personal mobility, making accessible financing an important part of the purchasing decision.
The Bank’s vehicle leasing facilities are designed to simplify the financing process, with convenient repayment options and professional support to help customers select a solution suited to their requirements. For customers, the arrangement brings vehicle selection and financing closer together, reducing the need to navigate the two processes separately.
“Our partnership with Ideal Motors enables us to bring financing closer to customers at the point of vehicle purchase. We remain focused on providing convenient and flexible leasing solutions that support both personal mobility and the needs of businesses,” said Naleen Edirisinghe, Director/CEO of Pan Asia Bank.
Pan Asia Bank and Ideal Motors will work closely during the one-year partnership to maximise business opportunities and deliver a seamless financing experience to customers. The collaboration is expected to strengthen both organisations’ ability to respond to demand for commercial and personal vehicles while creating greater value for customers.
Yohan Ebell, Head of Retail Credit, Pan Asia Bank, said: “Through this partnership, we aim to make vehicle financing simpler and more accessible, with leasing solutions designed to meet the varied requirements of Ideal Motors’ customers.”
The collaboration also reflects Pan Asia Bank’s commitment to building partnerships that make financial services more accessible and responsive to the needs of individuals and businesses.
Pan Asia Bank has established a growing presence in vehicle financing, offering leasing solutions designed around customer convenience and flexibility. Its leasing proposition is supported by a nationwide branch network and a customer-focused approach, enabling customers to obtain guidance on financing options while completing their vehicle purchase.
Business
Heritance Hotels and Resorts secures four wins at World Travel Awards 2026
Heritance Hotels and Resorts has secured four distinguished titles at the World Travel Awards 2026, with three national awards recognising its Sri Lankan properties and an international title for Heritance Aarah in the Maldives.
The three Sri Lankan titles recognise Heritance Tea Factory as Sri Lanka’s Leading Heritage Hotel 2026, Heritance Ahungalla as Sri Lanka’s Leading Luxury Hotel 2026, and Heritance Kandalama as Sri Lanka’s Leading Wedding Hotel 2026. Heritance Aarah was named the Indian Ocean’s Leading All-Inclusive Resort 2026.
Internationally recognised within the global travel and tourism industry, the World Travel Awards celebrate excellence across hotels, resorts, and destinations. Recognition at this level affirms the quality, distinctiveness, and consistency of the experiences delivered by Heritance Hotels and Resorts.
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